Creating and managing wealth for an SMSF client requires specialist understanding of products, markets and investment rules. SMSF Adviser brings you expert insight and high-level strategies so you can ensure the financial success of your SMSF clients.

Education and professional development is a fundamental component of providing your clients with quality advice, and standing out as a specialist in the market. SMSF Adviser brings you exclusive access to educational content to help you stay at the top of your game.

Up-to-date, specialised strategy is core component of an SMSF professional’s arsenal. SMSF Adviser analyses and interprets regulatory and legislative changes to ensure the SMSF sector is kept informed on the tips, tools and best practice for serving SMSF trustees.

SMSF Adviser also keeps professionals informed on what strategies cutting-edge businesses are using to keep ahead of the competition, including what technologies, marketing tools and HR strategies are getting the best results.

Coalition pushes Senate to pass superannuation bills

With industry superannuation funds set to overtake SMSFs as the largest superannuation sector, the Assistant Treasurer says it’s critical for the Senate to pass the two bills relating to member fees and account consolidation.

Some of the measures in the bill include capping fees at 3 per cent for low balance accounts of $6,000, banning exit fees and making insurance an opt-in choice for people under 25 years, those with low balances and to members with inactive accounts. It has remained in the Senate since June last year.

Advertisement

Advertisement

It also introduced Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017, aimed at giving employees the right to choose their superannuation fund and removing a loophole with salary sacrificing used by some employers. This bill has been stuck in the Senate since November 2017.

The Coalition he said needs to convince around eight independents to agree to each bill.

In a public release this week, Mr Robert stated that “with industry superannuation funds set to overtake SMSFs as the largest sector in Australian superannuation, Australians need the Coalition government’s Protecting Your Super Package and Member Outcomes No. 2 Legislation passed more than ever”.

“There was a total of 24 million superannuation accounts, held by about 15 million people as of June 2016. About 40 per cent of these people had multiple accounts. Over half of all accounts were either inactive of had balances of $6,000 or less. About 25 per cent of all accounts were inactive,” said Mr Robert.

Under the new account-consolidation measures, inactive accounts without a contribution for 13 months or longer will be returned to existing accounts, reuniting around four million people with lost superannuation, he said.